Professional Indemnity Insurance is commonly an important part of an engineer’s insurance program, but it may not be the only cover required.

Depending on how your business operates, other insurance to consider can include:

• Public Liability Insurance: Provides protection against certain claims for personal injury or property damage arising from your business activities. This can be particularly relevant when visiting construction sites or client premises.
• Cyber Insurance: Can provide protection for exposures including cyber incidents, data breaches, ransomware and business interruption. Engineering businesses can hold sensitive project, client and commercial information.
• Management Liability Insurance: Can provide protection for companies, directors and officers against a range of management-related exposures.
• Business or Office Insurance: Can cover business property such as computers, office contents and equipment, depending on the policy selected.
• Commercial Motor Insurance: May be required where vehicles are owned or used by the business.
• Workers Compensation Insurance: Businesses employing staff may have compulsory Workers Compensation obligations. Requirements differ between Australian states and territories.

The insurance required will depend on your business structure, employees, property, contracts and the services you provide.

Rather than automatically purchasing every type of cover, the better approach is to identify the exposures that actually apply to your business.

Contact our team if you would like help reviewing your engineering insurance program.